TransCanada terminates Energy East pipeline and Eastern Mainline projects

TransCanada Corporation announced today it will no longer be proceeding with its proposed Energy East Pipeline and Eastern Mainline projects.

“After careful review of changed circumstances, we will be informing the National Energy Board that we will no longer be proceeding with our Energy East and Eastern Mainline applications,” said president and chief executive officer Russ Girling.

TransCanada will also notify Quebec's Ministère du Developpement durable, de l'Environnement, et Lutte contre les changements climatiques that it is withdrawing the Energy East project from the environmental review process.

"We appreciate and are thankful for the support of labour, business and manufacturing organizations, industry, our customers, Irving Oil, various governments, and the approximately 200 municipalities who passed resolutions in favour of the projects. Most of all, we thank Canadians across the country who contributed towards the development of these initiatives."

TransCanada said it will continue to focus on its $24 billion near-term capital program, which is expected to generate growth in earnings and cash flow to support an expected annual dividend growth rate at the upper end of an eight to 10 per cent range through 2020.

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